G7 Pledges $50 Billion To Ukraine, Funded By Seized Russian Assets

By -

 The leaders of the Group of Seven (G7) nations agreed to a deal Thursday to give Ukraine $50 billion in loans backed by frozen Russian central bank assets, signaling continued support for Kyiv as Russia’s invasion shows no signs of abating.


According to the Associated Press, the money lent to Ukraine will be repaid using the profits generated from the estimated $280 billion worth of frozen Russian central bank assets, the majority of which is held in the European Union.

The loans will be provided separately by the U.S., European Union and other G7 members using their own procedures, although an unnamed French official cited by AP said most of it will come from the U.S.

The loans are a workaround to allow the use of Russian assets to fund Ukraine as the process of simply confiscating the money and handing it to Kyiv may face legal hurdles.

The loan will help Ukraine cover its financial needs until 2025 and beyond, Bloomberg reported.    

$3.2 billion to $5.4 billion (€3 billion to €5 billion). That is the estimated “windfall profits” Russia’s frozen assets generate each year in Europe, according to the EU  

Speaking to reporters on board Air Force One on Wednesday night, National Security Advisor Jake Sullivan discussed support for Ukraine, saying: “We want to demonstrate that the U.S. supports the people of Ukraine…By signing this, we’ll also be sending Russia a signal of our resolve…If Vladimir Putin thinks that he can outlast the coalition supporting Ukraine, he’s wrong.”


Comments

Post a Comment

Popular posts from this blog

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

By -
Image
  The Synagogue Church of all Nations (SCOAN) has countered the BBC documentary on the late Temitope Babatunde Joshua, known as TB Joshua, founder of SCOAN. SCOAN described the documentary against TB Joshua as unfounded, and that the characters interviewed in the report were unknown to the church. The church, in a statement signed by its Public Affairs Director, Mr Dare Adejumo, said the statement was aimed at disabusing public minds from the report. The News Agency of Nigeria (NAN) recalls that the BBC released a highly controversial and damning documentary on the late TB Joshua on Monday, accusing him of various crimes, including rape, against some members. SCOAN said, “BBC World Services investigative unit, code-named Africa Eye, came out this week with weird and strange episodes of atrocities against the late founder of SCOAN.” It said that to investigate and publish or broadcast reports was a central kernel of journalism, but to do so outside the ethics and fundamental principles
Read more

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

By -
Image
  The NBA has suspended former San Antonio Spurs guard  Joshua Primo   for four games   ... after it says it found he exposed his private parts to multiple women. The league announced the ban on Friday morning ... saying an investigation into the free agent revealed he had "engaged in inappropriate and offensive behavior." NBA officials called his actions "conduct detrimental to the league." They did, however, note that they "did not find evidence that he engaged in any sexual or other misconduct apart from these brief exposures." "Primo maintains that his conduct was not intentional," the league said. Dr. Hillary Cauthen , Primo's former therapist, was the first to  bring the allegations  against Primo to light after she claimed last fall that he exposed himself to her on nine separate occasions. Dr. Cauthen's attorney,  Tony Buzbee , alleged the Spurs were aware of Primo's actions, but didn't take action. Cauthen went on to file
Read more

Sky Sports' On-Air Mix-Up: Chelsea Players Mistakenly Introduced as Axel Disasi Instead of Noni Madueke in Carabao Cup Semifinal

By -
Image
 Sky Sports were left red-faced after an on-screen graphic mistakenly introduced Chelsea defender Axel Disasi as Noni Madueke on Tuesday night. The pair were both the scoresheet as the Blues thrashed Middlesbrough 6-1 at Stamford Bridge in the second leg of the Carabao Cup semi-final to boo their place at Wembley. But when Disasi spoke to Sky Sports after the game, an on-screen graphic introduced him as Madueke instead. Madueke is four years younger than his Chelsea teammate, plays in a different role and is English, while Disasi is French. Viewers immediately spotted the mistake and took to social media to flag up the glaring error.  Sky Sports with a huge mistake as that is Axel Disasi, not Noni Madueke,' another added, while a third described the gaffe as a 'howler'. A fourth commented: 'Sky sports calling Disasi Madueke. They’ve done it again.' Disasi scored Chelsea's third goal in the 6-1 rout, converting Raheem Sterling's cross at the far post after th
Read more